The Catalina Vista Apartments at 8550 East Old Spanish Trail in Tucson sold for $1.55 million ($31,000 per unit). This was the first investment in Tucson for Greenlite Holdings LLC of Phoenix (Jonathan Lewis, manager).
The 50-unit complex has (14) 1-bedrooms approximately 643 square-feet each, (24) 2-bedrooms approximately 918 square-feet each, (12) 3-bedrooms approximately 1,137 square-feet each in 45,689-square-feet in five buildings, built 1971, on 1.48 acres. The property is located west of Camino Seco on Old Spanish Trail in the Eastern Tucson submarket.
Property was 95% occupied at time of sale. Amenities include: community pool, on-site laundry facility and all utilities paid by owner. Each unit features dishwasher, plenty of closet space, large kitchens and dining area. Courtyard offers picnic areas w/BBQ grills and is pet-friendly.
The seller was Tucson-based OST Holdings LLC (Bernard Berk, member).
The Marcus & Millichap in Phoenix team of Hamid Panahi, Steve Gebing, Cliff David and James Crawley represented seller and investor in the transaction.
For more information, Panahi, Gebing, David and Crawley should be reached at 602.687.6700.
To learn more, see RED Comp # 3735 and login for more details.
[mepr-show rules="58038"]Property sold at a 6.81% cap rate.[/mepr-show]